East San Marco construction expected to begin by late summer

Wednesday, February 19, 10:59 AM EST

By Karen Brune Mathis, Managing Editor

Developers intend to break ground by late summer.

East San Marco LLC, in care of managing partner Tom Fleming, is the property owner. Fleming is vice president of investments with Jacksonville-based Regency Centers Corp.

While project documents indicate a full project build-out by 2017, Regency Centers Corp. Vice President Paul Maxwell said in January construction could start this year for completion of the Publix by early 2015.

The structure of the deal has changed over the years and Jacksonville-based Whitehall Realty Partners LLC now is a major player.

John Carey, managing member of Whitehall Realty Partners, explained Tuesday that East San Marco is a joint venture between The St. Joe Co. and Regency Centers.Regency remains more active in the partnership because it will own the 44,000-square-foot retail component of the project, including a 30,000-square-foot Publix.

Carey said Regency originally was planning to own the retail and St Joe would develop and sell the condominiums.

As currently structured, Whitehall Realty Partners will buy all the land at closing and develop the entire project. Regency then will buy the retail component about a year after construction begins, when the stores are built and available for build-out, and begin tenant improvements for Publix and other retail tenants.

He said Whitehall will complete the residential component about 18 months after construction begins.

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East San Marco construction expected to begin by late summer